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Reps uncover N3.8bn unremitted to FG by NSITF

House of Representatives chamber

. As NABTEB withholds N268 million

The House of Representatives Ad-hoc Committee on Unclaimed Funds in Nigerian Commercial Banks and the Infractions of the Central Bank of Nigeria (CBN), said it has uncovered the disappearance of N3.8 billion that should have been remitted to the Federal government by the management of the Nigeria Social Insurance Trust Fund (NSITF).

The chairman of the ad-hoc panel, Unyime Idem, said the sum represents the amount that was not remitted from 2016 to 2018.

He said the agency submitted audited financial statements for only this period and arrived at the figure from the documents it received.

“These figures are extracted from documents that they submitted before us. I wonder what would happen by the time they fully submit all the documents required by this committee,” Idem said.

These figures are extracted from documents that they submitted before us. I wonder what would happen by the time they fully submit all the documents required by this committee.

Idem also revealed that the National Business and Technical Examinations Board (NABTEB), is yet to remit the sum of N268 million to the Federal Government, covering the period from 2015 to 2020.

“Based on the documents they have submitted so far, though they still have a lot of documents to submit, but so far, we have been able to discover infractions to the tune of N268 million. This is money that belongs to the Federal Government. We have asked them to let us know when that money would be paid directly into the FG account.”

Executive Director, Operations, NSITF, Modu Gana, and the Registrar of NABTEB, Ifeoma Mercy Isiugo-Abanihe, who both appeared before the committee requested for more time to reconcile their records.

Idem directed the organizations to provide details of revenue generation, collection and remittances up till date on Friday, and to appear before the committee next Tuesday.

He stressed that the sums must be paid back to the government, especially against the background of the cash crunch Nigeria is currently facing.

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